ARE.L Regulatory News (ARE)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

30 March 2012

Recommended cash offer (the "Offer") by Aldersgate Investments Limited ("Aldersgate") for Arena Leisure Plc ("Arena") to be effected by means of a Scheme of Arrangement under Part 26 of the Companies Act 2006 (the "Scheme")

Scheme effective

Aldersgate and Arena are pleased to announce that the Scheme today became effective following delivery of the Court order to the Registrar of Companies. The entire issued ordinary share capital of Arena is now owned by Aldersgate and persons acting in concert with it.

Arena Shares are currently suspended and a request to cancel the admission to trading of Arena Shares on the Main Market and the listing of Arena Shares on the Official List has been made to the UK Listing Authority and the London Stock Exchange. Cancellation of the listing and admission to trading of Arena Shares is expected to occur by no later than 8.00 a.m. on 2 April 2012.

The expected timetable for the implementation of the Scheme is as follows:

All references to times are London times unless otherwise stated.

Capitalised terms in this announcement have the same meanings as set out in the Scheme Document.

The Offer is made on the terms and subject to the conditions and further terms set out in the Scheme Document and Forms of Proxy.

Investec Bank plc, which is authorised and regulated in the UK by the Financial Services Authority, is acting exclusively for Arena and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Arena for providing the protections afforded to clients of Investec nor for providing advice in connection with the Offer or any matter referred to herein.

Altium Capital Limited, which is authorised and regulated in the UK by the Financial Services Authority, is acting exclusively for Arena and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Arena for providing the protections afforded to clients of Altium nor for providing advice in connection with the Offer or any matter referred to herein.

HSBC Bank plc, which is authorised and regulated in the UK by the Financial Services Authority, is acting for Aldersgate and no one else in connection with the Offer and this announcement and will not be responsible to anyone other than Aldersgate for providing the protections afforded to clients of HSBC Bank plc nor for providing advice in connection with the Offer or any matter referred to herein.

This announcement does not constitute a prospectus or prospectus equivalent document.

This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

Overseas shareholders

The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom or who are subject to other jurisdictions should inform themselves of, and observe, any applicable requirements.

Copies of this announcement are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so would violate the laws in that jurisdiction, and persons receiving this announcement and all documents relating to the Offer (including custodians, nominees and trustees) must not mail or otherwise distribute or send them in, into or from such jurisdictions as doing so may invalidate any purported acceptance of the Offer.

Further details in relation to overseas Arena Shareholders are contained in the Scheme Document.

Publication on website

A copy of this announcement will be made available, free of charge subject to certain restrictions relating to persons in Restricted Jurisdictions, at Arena's website at www.arenaleisureplc.com/investor-information.html by no later than 12 noon (London time) on the Business Day following the date of this announcement.

Neither the content of the website referred to in this announcement nor the content of any website accessible from hyperlinks on Arena's website (or any other website) is incorporated into, or forms part of, this announcement.